Stage-1 carried forward: exposure 9.1% of $230.0B = $20.93B exposed (invariant to dividend level)

FULL SWEEP -- rent capitalization as % of dividend  (capture = eps_d/(eps_d+eps_s))

            eps_d \\ eps_s | constrained me | US pop-weighte |    elastic p90
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    low (Ihlanfeldt floor) |           1.8% |           0.7% |           0.5%
                   central |           3.6% |           1.7% |           1.3%
 high (Ihlanfeldt ceiling) |           4.6% |           2.4% |           1.8%

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BANDED HEADLINE (full sweep):
  Central (eps_d 0.40, Saiz 1.75):  1.7% of dividend  ($3.89B/yr)
  Full range across both elasticities: 0.5% to 4.6% of dividend
    floor  0.5%  at eps_d=0.15, eps_s=2.45 (low (Ihlanfeldt floor), elastic p90 (Saiz))
    ceiling 4.6% at eps_d=0.62, eps_s=0.6 (high (Ihlanfeldt ceiling), constrained metro (<1, Saiz))
  In dollars (Mode D $230B): $1.21B to $10.64B/yr capitalizing into rent.

READING: even at the worst corner (elastic demand into constrained supply),
  the dividend's rent leak stays under 5% of the dividend; the central
  estimate is ~2%. The leak is bounded and small; the rest buys
  real consumption. First-round partial equilibrium; long-run supply response,
  migration, and household formation push it lower (see README caveats).
